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As a result of the lower prices, Magang is in the process of cutting its annual capacity by 4 million metric tons, from 26 million in 2016 to 22 million in 2022.

As for business tax reform, the framework will reduce corporate tax rate to 20 percent from currently 35 percent. Pass-through businesses, such as sole proprietorships, partnerships and corporations will see their tax rate down to 25 percent.

As a result, the prices of green cars are bound to rise, according to Cui Dongshu, secretary-general of the China Passenger Car Association.

As a delegate to the 19th CPC National Congress, Yu said she was glad to hear General Secretary Xi Jinping said "we will build an educated, skilled, and innovative workforce, foster respect for model workers, promote quality workmanship, and see that taking pride in labor becomes a social norm and seeking excellence is valued as a good work ethic".

As for the negotiations on the Regional Comprehensive Economic Partnership, Gao said all the relevant parties are currently advancing the talks in an orderly manner, in accordance with the set goals and pace.